The Department of Labor's re-proposal of rules that would define who is a fiduciary could end up costing $20 billion to $32 billion in retirement savings, according to a study by Quantria Strategies in Washington, D.C.
The study found that Americans who cash out their retirement accounts when they leave a job are hurting their future retirement security, but their retirement security could be jeopardized even more if the DOL expands its fiduciary definition to include brokers and call centers that work with IRAs.
The Quantria Strategies study looked at the impact the fiduciary rules would have on retirement savings if they applied to brokers and call centers.
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